From 700,000 ounces to potentially over 1 million.

Key Concepts

• Gold Production Guidance: Projected annual output targets for the company.
• Greenstone Mine: A key growth asset located in Ontario, Canada.
• Valentine Gold Mine: A key growth asset located in Newfoundland, Canada.
• Castle Mountain: A development project in California currently undergoing permitting and construction planning.
• Los Filos: A large-scale asset in Mexico currently under suspended operations.
• Social License: The ongoing process of gaining and maintaining community and stakeholder acceptance for mining operations.

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2026 Production Outlook and Growth Strategy

The company has established a production guidance range of 700,000 to 800,000 ounces (oz) of gold for 2026. This growth is primarily driven by the ramp-up of two major Canadian assets:

• Greenstone Mine (Ontario): A cornerstone of the current production expansion.
• Valentine Gold Mine (Newfoundland): A central region project contributing significantly to the 2026 targets.

The company’s long-term strategic goal is to surpass the 1 million oz per year threshold. Achieving this milestone is contingent upon the successful integration of new growth assets into the existing portfolio.

Development Projects and Timelines

The path to reaching the 1 million oz milestone involves specific development milestones:

• Castle Mountain (California): The company is currently navigating the permitting and construction phases. Management estimates that this asset could potentially come online as early as the second half of 2029.

Asset Management and Stakeholder Relations

A significant portion of the company’s resource base is tied to the Los Filos asset in Mexico, which holds over 16 million oz of gold across all resource categories.

• Current Status: The asset is currently under suspended operations.
• Strategic Approach: The company is actively engaging with local stakeholders to secure a "social license" to operate. The objective is to resolve existing challenges to unlock the value of this substantial resource for all stakeholders involved.

Synthesis and Conclusion

The company is in a transitional growth phase, moving from a production level of 700,000–800,000 oz in 2026 toward a long-term target of over 1 million oz annually. This trajectory relies on the successful ramp-up of Canadian projects (Greenstone and Valentine) and the disciplined execution of development projects like Castle Mountain. Furthermore, the company’s ability to resolve operational suspensions at the Los Filos mine in Mexico remains a critical factor in realizing the full potential of its 16-million-ounce resource base. The strategy emphasizes that while the growth potential is significant, it is subject to rigorous permitting, construction timelines, and the successful navigation of social and community relations.